Скачать или смотреть 10 Tax Deductions Contractors Miss (and Bonus Strategies!)

Summary: Steven Young shares the top 10 tax deductions contractors often miss, plus two bonus strategies to save even more. Learn how to track expenses, avoid common mistakes, and maximize your write-offs before year-end. Perfect for contractors looking to keep more of their hard-earned money.

Host: Steven Young, Savvy or Surrender Podcast

[00:00] Introduction

Why contractors overpay taxes
Overview of 10 deductions and bonus strategies
[00:19] Meet Your Host

Steven Young introduces the episode and its focus on maximizing deductions
[01:37] Deduction #1: Tools & Equipment

What qualifies as deductible tools and equipment
Safe harbor rule for items under $2,500
Section 179 and bonus depreciation
Common mistakes: missing receipts, cash purchases
[05:11] Deduction #2: Mileage vs. Actual Vehicle Expenses

Standard mileage vs. actual expenses
When to use each method
Tracking mileage: QuickBooks app, MileIQ
[09:18] Deduction #3: Uniforms & Safety Gear

What clothing and gear is deductible
Importance of capturing receipts
[11:19] Deduction #4: Job Supplies & Materials

Commonly missed supplies (pipes, wire, nails, etc.)
Tracking materials used on jobs
[12:21] Deduction #5: Subcontractor Payments

Importance of W-9s and 1099s
Audit triggers and best practices
[14:31] Deduction #6: Cell Phone & Internet

Calculating business use percentage
Deducting software and cloud services
[16:46] Deduction #7: Business Insurance

Types of insurance you can deduct
Tips for audits and tracking insurance codes
[23:45] Deduction #8: Education, Licensing & Training

Deducting courses, seminars, and coaching
[24:52] Deduction #9: Home Office & Storage Space

Rules for home office deduction
Including garage and storage areas
[28:07] Deduction #10: Meals, Travel & Overnight Jobs

What qualifies for 50% vs. 100% deduction
Using per diem rates
[29:35] Bonus Strategy #1: Board Meetings

How to write off meals and meetings with proper documentation
[31:19] Bonus Strategy #2: The Augusta Rule

Renting your home to your business for meetings/events
[32:55] Year-End Wrap-Up

Importance of having your books in order
Call to action: Schedule a discovery call at meetwithsavvy.com
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